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Keyword: oil

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  • Ending ban on oil exports would mean cheaper gasoline, energy executive says

    08/22/2014 10:12:52 PM PDT · by ckilmer · 10 replies
    fuelfix.com ^ | August 22, 2014 at 7:51 pm | Vicki Vaughan
    Ending ban on oil exports would mean cheaper gasoline, energy executive says Posted on August 22, 2014 at 7:51 pm by Vicki Vaughan in Crude oil, Eagle Ford, Gasoline, LNG, Markets EmailPrint2 inShare (Jeff Pachoud/AFP/Getty) Should the government end its 40-year-old ban on exporting crude oil, the nation would enjoy benefits ranging from jobs to a decline in gasoline prices, an oil industry economist said in a talk this week in San Antonio.ConocoPhillips senior economist Helen Currie, citing a study by the energy consulting firm IHS Inc., said prices at the pump would fall by about 8 cents a gallon...
  • Plains All American to build pipeline from Cushing to Memphis

    08/22/2014 5:11:04 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    Valero Energy Corp.’s Memphis, Tenn., refinery will begin receiving more low-cost domestic crude oil in two years as part of a plan by another company to build a pipeline to the plant. Houston-based Plains All American Pipeline LP said Thursday it plans to build a pipeline that would deliver as much as 200,000 barrels a day of crude oil to Valero’s Memphis plant when it’s completed in late 2016. The 440-mile, 20-inch pipeline will link Plains’ Cushing, Okla., terminal to Valero’s plant and cost an estimated $900 million. Locally based refiner Valero holds an option until January 2016 to buy...
  • ISIS' thirst for oil could lead to 'global catastrophe' if unchecked, experts say

    08/21/2014 6:53:42 PM PDT · by 2ndDivisionVet · 21 replies
    Fox News ^ | August 21, 2014 | Joshua Rhett Miller
    Islamic State's thirst for blood has the world on edge, but its equally insatiable yearning for oil could prove a "catastrophe" for the global economy if the terror organization isn't stopped, experts say. The jihadist group, formerly known as ISIS, now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day by selling up to 40,000 barrels via middlemen in illicit deals. The black market oil sells for roughly $25 to $60 per barrel, compared to the current market rate of $102, according to Luay al-Khatteeb, founder and executive director...
  • Legal battle brewing as Scio Township (MI) passes oil exploration moratorium

    08/21/2014 4:18:45 PM PDT · by cripplecreek · 25 replies
    Mlive.com ^ | August 21, 2014 | Ben Freed
    Scio Township and the West Bay Exploration Company are preparing to wade into uncharted legal waters after the township’s Board of Trustees passed a six-month moratorium banning oil exploration activity and drilling. The board passed the moratorium, along with a plan of action, by a vote of 7-0 at a special meeting Wednesday night at Scio Township Hall. According to the resolution, “during the moratorium period, no drilling operation shall be allowed in the township.” West Bay Exploration began drilling a 5,000-foot exploratory well at the corner of West Delhi Road and Miller Road this week and as of Wednesday...
  • Must-know: Tighter-than-expected oil supply in the future

    08/21/2014 4:09:40 PM PDT · by ckilmer · 17 replies
    marketrealist ^ | Aug 21, 2014 10:08 am EDT | Russ Koesterich, CFA
    Must-know: Tighter-than-expected oil supply in the future By Russ Koesterich, CFA - Disclosure • BlackRock  • Aug 21, 2014 10:08 am EDT First, here’s a quick look at my expectations for oil supply and demand. Currently, oil prices remain elevated because global demand has continued to climb, despite slower growth in China (FXI), and supply overall has been unexpectedly constrained by both geology and geopolitical unrest. Looking forward, oil supply is likely to remain constrained and oil demand is likely to continue to grow.Oil supply: There’s a good chance that future oil supply may be tighter than expected. Currently, oil prices...
  • Repeal fails, tax reform upheld {Alaska Oil Tax}

    08/21/2014 2:00:33 PM PDT · by thackney · 13 replies
    Alaska Journal of Commerce ^ | 2014.08.21 | TIM BRADNER
    A referendum to roll back an oil production tax change made in 2013 was defeated by voters in the state’s primary election held Aug. 19. Ballot Measure 1, which would have reinstated the state’s previous tax known as ACES that was repealed in 2013, was voted down 52 percent to 48 percent, or a margin of about 6,800 votes, the Division of Elections reported in late results with 98.6 percent of the votes counted. Earlier in the evening of Aug. 19 the “yes” votes had a thin majority of a few hundred for repeal with about 25 percent of the...
  • Petroleum Engineers See Highest Increase in Median Average Salary

    08/21/2014 12:00:52 PM PDT · by thackney · 1 replies
    Rig Zone ^ | August 21, 2014 | Karen Boman
    Petroleum engineers experienced the highest increase in median annual salary since 2011, according to a recent report from the American Geosciences Institute (AGI). In 2013, the median average salary for petroleum engineers was $132,000, and had increased by more than $10,000 since 2011, according to the Aug. 12 report, which quoted data from the U.S. Bureau of Labor Statistics. Since 2011, all geoscience occupations – with the exception of atmospheric and space scientists, geographers, environmental science and protection technicians, engineering postsecondary teachers, and atmospheric, earth, marine and space sciences post-secondary teachers – recorded increases in their median annual salaries, while...
  • Refracking brings 'vintage' oil and gas wells to life

    08/21/2014 9:24:35 AM PDT · by ckilmer · 26 replies
    samachar ^ | Aug 20, 2014,
    Refracking brings 'vintage' oil and gas wells to life Aug 20, 2014, 10.43AM IST (The development highlights…) HOUSTON/WILLISTON, NORTH DAKOTA: A fracking boom isn't enough for U.S. oil and gas producers - they're now starting the re-fracking boom.Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high, has been troubled by quick declines in oil and gas output. The development highlights how producers must constantly invest and tinker, both to...
  • Turn natural gas into gasoline for $1 per gallon

    08/21/2014 8:50:09 AM PDT · by ckilmer · 73 replies
    peakoil.com ^ | August 21, 2014
    Turn natural gas into gasoline for $1 per gallon The clear liquid flowing from a collection of pipes and wires in a Hayward industrial park smells just like gasoline, and for all practical purposes, it is.But it wasn’t made from crude oil. Instead, it came from natural gas, the fuel whose sudden abundance in America is reshaping the country’s energy landscape.Siluria Technologies says it can produce large quantities of gasoline, diesel, jet fuel and chemicals at a lower cost than traditional refineries and chemical plants. At today’s natural gas prices, Siluria’s technology could make gasoline at roughly $1 per gallon, according to...
  • Eagle Ford wave lifts Blue Dolphin Energy refinery

    08/21/2014 5:30:24 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    The Eagle Ford Shale is boosting the fortunes of Blue Dolphin Energy Co., which took a chance when it bought a rusty, mothballed refinery in the small town of Nixon about seven years ago. Blue Dolphin bought the plant out of bankruptcy before the promise of the Eagle Ford was apparent. The company spent tens of millions refurbishing the plant and restarted it in early 2012. Nixon, which is about 54 miles east of San Antonio, straddles Gonzales and Wilson counties in a booming part of the shale play. The plant buys every drop of its crude oil from drillers...
  • Gulf Coast to benefit from refinery retrofits

    08/21/2014 5:27:02 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 21, 2014 | Rhiannon Meyers
    The Texas Gulf Coast will be ground zero for a push to equip refineries to handle a flood of light crude unlocked in the U.S. shale boom, but the investments will be relatively conservative, a petrochemical consultant said Wednesday. Refiners won’t spend the big bucks they dropped when they retooled to handle heavy, high-sulfur crude several years ago, largely because it’s cheaper and simpler to modify a refinery to process lighter crude, said Jim Jones, senior vice president at Dallas-based petrochemical consulting firm Turner, Mason and Company. “It won’t be a $5 billion investment, it will be a couple million...
  • Investigators release Quebec train disaster report

    08/20/2014 6:27:56 AM PDT · by thackney · 12 replies
    Fuel Fix ^ | August 19, 2014 | Associated Press
    The weak safety culture of a now-defunct railway company and poor government oversight were among the many factors that led to an oil train explosion that killed 47 people in Quebec last year, Canada’s Transportation Safety Board said in a new report released Tuesday. TSB chair Wendy Tadros said 18 factors played a role, including a rail company that cut corners and a Canadian regulator that didn’t do proper safety audits. The safety board issued its report 13 months after a runaway train carrying 72 carloads of volatile oil from North Dakota derailed, hurtled down an incline and slammed into...
  • Texas price gap widens as oil production rises

    08/19/2014 12:55:11 PM PDT · by thackney · 18 replies
    Fuel Fix ^ | August 19, 2014 | Robert Grattan
    The gap between crude oil prices in the major trading centers of Midland, Texas and Cushing, Okla. ballooned to $19 Tuesday morning, the widest point this year and second-highest on record. On Tuesday morning, the price for crude oil hit a low of $77.48 per barrel in Midland. In Cushing, the benchmark pricing point for U.S. crude contracts, the price was $96.48. Worldwide crude prices fell, Bloomberg reported, after Iraqi and Kurdish forces regained control of a key dam in Iraq and slowed the advance of Islamic State militants. Midland prices are further depressed because production growth in West Texas’...
  • Pickens: Brent crude will be above $100 forever

    08/19/2014 12:54:27 PM PDT · by ckilmer · 5 replies
    cnbc ^ | 4 Hours Ago | Jackie DeAngelis
    Pickens: Brent crude will be above $100 forever Jackie DeAngelis | @JackieDeAngelis 4 Hours AgoCNBC.com 72 SHARES                         39COMMENTSJoin the Discussion Oil and gas entrepreneur T. Boone Pickens thinks international oil prices will stay high indefinitely—over $100 a barrel—despite recent declines in the futures market. Adam Jeffery | CNBC T. Boone Pickens At the Investools 4th Annual Investor Education Conference in Dallas, Pickens reminded investors that OPEC's largest producer, Saudi Arabia, needs oil prices to remain elevated in order to maintain its social spending programs; therefore, the Organization...
  • 5 Things Pioneer Natural Resources’ Management Wants You to Know

    08/18/2014 11:15:30 PM PDT · by ckilmer · 29 replies
    fool.com ^ | August 18, 2014 | By Matt DiLallo
    5 Things Pioneer Natural Resources’ Management Wants You to Know By Matt DiLallo | More Articles | Save For Later August 18, 2014 | Comments (0) Pioneer Natural Resources' (NYSE: PXD  ) management team earlier this month spent nearly 75 minutes discussing its second-quarter results with analysts and investors. The company believes it is sitting on more than 10 billion barrels of recoverable oil and gas in the Permian Basin. Here's what management wants investors to know about its plans to create value from that massive resource. No. 1: The water issue is slowly drying upOne reason for Pioneer Natural Resources' large...
  • Oil production in Permian causes pipeline bottleneck in Texas

    08/17/2014 8:05:45 PM PDT · by ckilmer · 13 replies
    rigzone ^ | Tue Aug 12, 2014 12:56pm EDT | Catherine Ngai
    Oil Production In Permian Causes Pipeline Bottleneck In TexasCatherine Ngai|Tuesday, August 12, 2014 NEW YORK, Aug 12 (Reuters) - Oil production from the burgeoning Permian Basin of West Texas is outpacing pipelines' ability to transport oil to the Gulf Coast, causing coastal refiners to pay an additional premium to acquire oil.On Monday, that bottleneck caused oil for delivery at Midland, Texas <WTC-WTM> to trade at nearly $20 a barrel less than Gulf Coast benchmark Light Louisiana Sweet <WTC-LLS>, the deepest discount in 17 months. It was little changed on Tuesday.The deep discount is a consequence of the U.S. shale revolution, which...
  • Why This Oil Baron Thinks U.S. Oil Production Could Double

    08/17/2014 3:17:37 PM PDT · by ckilmer · 47 replies
    fool.com ^ | August 17, 2014 | Adam Galas
    Why This Oil Baron Thinks U.S. Oil Production Could Double By Adam Galas | More Articles August 17, 2014 | Comments (0) America's oil production is on a roll. After peaking in November of 1970 at 10 million barrels per day (bpd) and declining for nearly 40 years to a low of just 5 million bpd in 2008, today's oil production has soared 67%. The Energy Information Administration (EIA) is expecting another 13.6% increase by 2016 to 9.5 million bpd, before production tapers off in 2020. This miracle has been made possible by soaring shale oil production out of Texas...
  • Islamist militants ‘executed 700 tribe members’ in Syria

    08/17/2014 12:32:18 AM PDT · by Brad from Tennessee · 9 replies
    France24 ^ | August 16, 2014 | Reuters
    Militants from the Islamic State Organisation have in the past two weeks executed 700 members of a tribe in eastern Syria, the majority of them civilians, a human rights monitoring group said on Saturday. The Syrian Observatory for Human Rights, which has tracked violence on all sides of the three-year-old conflict, said that reliable sources reported beheadings were used to execute many of the al-Sheitaat tribe, which is from Deir al-Zor province. The conflict between the group of fighters calling itself Islamic State (formerly known as Islamic State of Iraq and Greater Syria, or ISIS) and the al-Sheitaat tribe, who...
  • Trampling on Coal Country Families

    08/16/2014 11:50:09 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | August 16, 2014 | Paul Driessen
    Between 1989 and 2010, Congress rejected nearly 700 cap-tax-and-trade and similar bills that their proponents claimed would control Earth’s perpetually fickle climate and weather. So even as real world crises erupt, President Obama is using executive fiats and regulations to impose his anti-hydrocarbon agenda, slash America’s fossil fuel use, bankrupt coal and utility companies, make electricity prices skyrocket, and “fundamentally transform” our economic, social, legal and constitutional system. Citing climate concerns, he has refused to permit construction of the Keystone XL pipeline, and blocked or delayed Alaskan, western state and offshore oil and gas leasing and drilling. He’s proud that...
  • Whither BP’s behemoth? {AK North Slope, Liberty, monster rig}

    08/15/2014 2:06:33 PM PDT · by thackney · 12 replies
    Petroleum News | Week of August 17, 2014 | Wesley Loy
    As company works up new Liberty development plan, big rig remains sidelined - - - - It’s been five years since BP shipped a gigantic, specially designed drilling rig to Alaska’s North Slope to develop the offshore Liberty oil field. But the rig has yet to drill a well. It’s just sitting there. Exactly what BP plans to do with the behemoth, constructed by Parker Drilling Co., remains to be seen. But one thing seems apparent - it won’t be used for the Liberty project. BP has indicated as much in correspondence this year with the federal Bureau of Ocean...
  • Russian oil giant seeks funds earmarked for pensions

    08/14/2014 1:45:36 PM PDT · by Berlin_Freeper · 6 replies
    Reuters ^ | Aug. 14, 2014 | Katya Golubkova and Dmitry Zhdannikov
    Russia's Rosneft , which produces more oil than Iraq or Iran, is seeking a $42 billion loan from a fund earmarked for Russian pensions to help it weather Western sanctions imposed over Moscow's role in Ukraine. Analysts expected the Russian government to turn down the proposal by the world's largest listed oil producer, one fifth owned by BP and run by a close ally of President Vladimir Putin, unless political pressure is brought to bear. It was one of the most stunning of several proposals for the Russian state to help firms hit by U.S. and European sanctions over Moscow's...
  • EIA: Eagle Ford to cross 1.5 million daily barrels in September

    08/14/2014 11:46:48 AM PDT · by thackney · 22 replies
    Fuel Fix ^ | August 14, 2014 | Jennifer Hiller
    The U.S. Energy Information Administration expects that the Eagle Ford Shale will produce 1.51 million barrels of crude oil and other liquids daily in September. It would be a gain of around 31,000 daily barrels over August production for the South Texas field, according to the EIA’s latest Drilling Productivity Report, released this week. The EIA data track the major U.S. shale fields — the Eagle Ford, Permian Basin, Bakken, Marcellus, Haynesville and Niobrara. This month the agency added the Utica region in eastern Ohio, a rapidly growing natural gas field, to its Drilling Productivity Report. Most of the country’s...
  • Two Myths Associated With U.S. Shale Oil

    08/14/2014 4:44:03 AM PDT · by thackney · 17 replies
    Forbes ^ | 8/12/2014 | Steve Banker
    Myth Number 1: The U.S. is approaching energy independence. There is no doubt we are in the midst of a shale oil revolution. But the growth of production has led to reporting that might charitably be described as overly optimistic. In fact, the Wall Street Journal reported today, in an article entitled Democrats Warming to the Energy Industry, “Since March 2008, oil production has increased 58% and natural-gas output has risen 21%, making the U.S. the world’s largest producer of both fuels, according to federal and international agency statistics.” I don’t know which federal statistics that reporter was looking at....
  • Oil and gas company debt soars to danger levels to cover shortfall in cash

    08/11/2014 4:08:43 PM PDT · by Lorianne · 19 replies
    Telegraph (UK) ^ | 11 August 2012 | Ambrose Evans-Pritchard
    The world’s leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry. The US Energy Information Administration (EIA) said a review of 127 companies across the globe found that they had increased net debt by $106bn in the year to March, in order to cover the surging costs of machinery and exploration, while still paying generous dividends at the same time. They also sold off a net $73bn of assets. This is a major departure from...
  • Thanks to Obama, Iran’s Economy Is Booming

    08/12/2014 7:18:37 AM PDT · by SJackson · 6 replies
    FrontPage Magazine ^ | August 12, 2014 | Majid Rafizadeh
    Thanks to Obama, IranÂ’s Economy Is BoomingPosted By Majid Rafizadeh On August 12, 2014 @ 12:30 am In Daily Mailer,FrontPage | 1 Comment According to the latest statistics, IranÂ’s economy is being stabilized, with oil exports increasing by approximately 30 percent. This economic recovery has emboldened and empowered the ruling clerics in the Islamic republic who are fighting several proxy wars in the Middle East by funding and arming Hamas and sending troops to Iraq to ensure the power of the Shiite coalition of Prime Minister Nori Al Maleki and by supporting the Assad regime financially, politically, militarily, and through...
  • After Offshore Oil Failure, Cuba Shifts Energy Focus

    08/12/2014 5:29:23 AM PDT · by thackney · 5 replies
    Rig Zone ^ | August 11, 2014 | Reuters
    Cuba has shifted its focus away from offshore oil, concentrating on renewable energy and improving output from onshore wells due to a lack of interest by foreign companies for further deepwater exploration,... With so much oil readily available around the world, oil companies...see little incentive in drilling off the Caribbean island, delaying the Cuban dream of oil wealth that could inject vigor into its socialist revolution... Russia's state-run Rosneft and the China National Petroleum Company separately agreed last month to help Communist-run Cuba extract more oil along the traditional northwest heavy oil belt, but did not sign on to deepwater...
  • IEA Lower 2014 Oil Demand Growth Forecast on Global Economic Outlook

    08/12/2014 2:29:25 AM PDT · by OldGuard1 · 4 replies
    The Wall Street Journal ^ | Aug. 12, 2014 | Summer Said
    IEA Lower 2014 Oil Demand Growth Forecast on Global Economic Outlook Watchdog Cuts Estimate As Second Quarter Demand Growth Fell to Lowest Level in Two Years *** World oil demand will rise less than previously thought in 2014, due to a lower outlook for the global economy and demand growth in the second quarter falling to its lowest level in more than two years, the IEA energy watchdog said Tuesday. In its monthly oil-market report, the International Energy Agency—which advises industrialized nations on oil policies—trimmed its projection for growth in global demand this year to 1 million bbl/d... ... "Despite...
  • Ukraine may force changes in Russian gas transit to Europe.

    08/11/2014 6:48:17 PM PDT · by wetphoenix · 13 replies
    Reuters via Yahoo! ^ | Pavel Polityuk
    KIEV (Reuters) - Ukraine said European companies would have to agree on a major revision of gas contracts with Russia if Kiev imposes sanctions on Moscow and Gazprom, a measure that may lead to disruption in gas transit to Europe. Ukraine Prime Minister Arseny Yatseniuk said last week that parliament would debate sanctions against Russia on Tuesday, which could include bans on Russian gas and sanctions against Russian banks. Ukraine gas grid Naftogaz said on Monday that the sanctions could limit or even exclude some companies from piping gas through the country, which would allow other firms to take over...
  • Obama opens rift with greens: Moving toward opening the Atlantic Ocean to drilling

    08/11/2014 2:22:45 PM PDT · by SeekAndFind · 5 replies
    The Hill ^ | 08/11/2014 | Laura Barron Lopez
    President Obama is moving toward opening the Atlantic Ocean to drilling in a major shift in U.S. policy that cuts against the administration's efforts to reduce global warming. Environmental groups applauding the president's pursuit of new power plant rules meant to reduce climate change are now preparing for a major battle over authorizing drilling in the Atlantic, and possibly the Arctic and Pacific oceans. President Obama is moving toward opening the Atlantic Ocean to drilling in a major shift in U.S. policy that cuts against the administration's efforts to reduce global warming. Environmental groups applauding the president's pursuit of new...
  • Russia starts drilling its northernmost oil well

    08/11/2014 5:39:49 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | August 10, 2014 | Associated Press
    Russia has begun drilling on its northernmost oil well, in the Kara Sea off the northern coast of Siberia. The well is part of a joint project between the Russian state-owned oil company Rosneft and Exxon Mobil to develop the region’s oil reserves, which are estimated at up to 100 billion barrels.
  • Waggoner Ranch, among US' largest, listed for sale (In Texas, 510,000 acres, asking $725million)

    08/11/2014 1:51:48 AM PDT · by 2ndDivisionVet · 24 replies
    Yahoo! News / The Associated Press ^ | August 8, 2014 | Emily Schmall
    FORT WORTH, Texas (AP) -- One of the largest ranches in the U.S. and an icon for Texas horse and cattlemen has been listed for $725 million, marking the end of a decades-long courtroom battle among the heirs of cattle baron W.T. Waggoner, who established the estate in 1923. The estate includes the 510,000-acre ranch spread over six North Texas counties, with two main compounds, hundreds of homes, about 20 cowboy camps, hundreds of quarter-horses, thousands of heads of cattle, 1,200 oil wells and 30,000 acres of cultivated land, according to Dallas-based broker Bernie Uechtritz, who is handling the sale...
  • The U.S. Airstrikes in Northern Iraq Are All About Oil

    08/10/2014 12:16:08 AM PDT · by 2ndDivisionVet · 21 replies
    The New Republic ^ | August 8, 2014 | John B. Judis
    Last night, President Barack Obama announced that he was authorizing American airstrikes in Iraq. He described his intervention as a “humanitarian effort to help save thousands of Iraqi civilians who are trapped on a mountain” and as an effort “to protect our American personnel.” One word that he didn’t mention is “oil,” but it lies near the center of American motives for intervention. The United States is conducting airdrops to aid the Yazidis who have fled the advance of Islamic State militants, but it is conducting airstrikes around Erbil, which is to the west. There are American consular personnel in...
  • Will NATO's Turkey join Russia, or Muslim Militants, as Obama's "Pen and Phone" Military weakens?

    08/08/2014 8:04:04 AM PDT · by Graewoulf · 11 replies
    Graewoulf | August 8, 2014 | Graewoulf
    As the well-coordinated, Russian and Militant Muslim giant military pincer maneuver continues to rapidly succeed for control of the Eastern Mediterranean formerly Sovereign Nations, will NATO's Turkey soon have to decide if Obama's failed "Pen and Phone, Whack-a-Mole" Military Exceptionalism, is better or worse than Putin or ISIS? Control of the Eastern Mediterranean and the Suez Canal by Russia's Navy would allow the free flow of Muslim Militant's Oil to the Russian-controlled Ukraine Oil Pipelines to Europe, at a mutually beneficial price to Putin and ISIS, of course.
  • Petrodollar Under Threat As Russia And Iran Sign Historic 500,000 Barrel A Day Oil Deal

    08/08/2014 3:53:46 AM PDT · by wetphoenix · 20 replies
    Peak Oil ^ | August 7, 2014
    Russia Delivers Blow To Petrodollar In Historic $20 Billion Iran Oil Deal Russia signed a historic $20 billion oil deal with Iran to bypass both western sanctions and the dollar based western monetary system yesterday. President Putin Admire Gold Bar (London Gold Delivery Bar) Currency wars are set to escalate as the petro dollar’s decline continues. Russian Energy Minister Alexander Novak and his Iranian counterpart Bijan Zanganeh signed a five-year memorandum of understanding in Moscow, which included cooperation in the oil sector. “Based on Iran’s proposal, we will participate in arranging shipments of crude oil, including to the Russian market,”...
  • Permian’s Oil Surge Creates Need for Pipelines

    08/08/2014 4:22:20 AM PDT · by thackney · 10 replies
    Fox Business ^ | August 07, 2014 | Matthew Rocco
    With crude gushing from the Permian Basin, companies are ramping up efforts to build pipelines and better capitalize on the production surge. Drillers have been producing oil in the Permian for some eight decades. But in recent years, the Texas formation’s central region, which consists of the Delaware and Midland basins, became a hotbed for shale oil. The Permian is now the top oil-producing area in the U.S., accounting for 18% of the nation’s total output in 2013. Based on data from the Energy Information Administration, the Permian recorded production of 1.35 million barrels per day last year. The region...
  • Pioneer CEO: US oil production could hit 14 million barrels/day

    08/07/2014 3:32:58 PM PDT · by ckilmer · 29 replies
    fuelfix ^ | August 6, 2014 at 6:54 pm | y Jennifer A. Dlouhy
    Pioneer CEO: US oil production could hit 14 million barrels/day Posted on August 6, 2014 at 6:54 pm by Jennifer A. Dlouhy in General Scott Sheffield, chairman and CEO of Pioneer Natural Resources, speaks in Midland, Texas. (Tim Fischer\Reporter-Telegram) DENVER — Technological improvements will allow energy companies to scrape more crude out of the ground and drive U.S. oil production higher, even as producers seek new overseas markets for the fossil fuels, executives said Wednesday.Although government forecasters expect U.S. oil production to peak around 9.5 million barrels per day in 2016, Scott Sheffield, CEO of Irving, Texas-based Pioneer Natural Resources...
  • Mexican lawmakers approve overhaul ending Pemex monopoly

    08/07/2014 12:23:57 PM PDT · by thackney · 12 replies
    Fuel Fix ^ | August 6, 2014 | Robert Grattan
    The Mexican Congress has passed sweeping legislation intended to revitalize the country’s anemic energy industry by opening it to private competition and ending a 75-year state monopoly. After weeks of debate and a constitutional amendment, legislators approved this week the majority of the new laws and are expected to finalize the remaining items in the coming days. The energy overhaul is the most sweeping of a broad set of economic measures promised by Mexican President Enrique Peńa Nieto. Mexico’s oil and gas industry has been largely left out of the latest oil boom, despite the general consensus that the country...
  • Hick avoids taking position on pipeline ( Colorado )

    08/06/2014 8:33:06 PM PDT · by george76 · 7 replies
    Durango Herald ^ | August 06, 2014 | Peter Marcus
    Says he doesn’t want to upset powers in D.C. Gov. John Hickenlooper today told a room full of Western gas and oil executives that he hasn’t taken a position on the proposed Keystone XL pipeline because he hasn’t wanted to “piss off” the powers that be in Washington, D.C. “I’ve avoided taking a position (on the Keystone pipeline) because it’s just going to piss off a lot of people in Washington that I don’t need to piss off, and my opinion is not going to change anybody’s opinion there,” Hickenlooper said ... Hickenlooper’s opponent, former U.S. Rep. Bob Beauprez, criticized...
  • If Israel is Militarily Defeated by Muslim Militants in 2014, will Obama then be Impeached?

    08/06/2014 7:23:34 AM PDT · by Graewoulf · 31 replies
    Graewoulf | August 6, 2014 | Graewoulf
    If the various Muslim Militant Groups such as ISIS, Hamas, al Shira, al Quada, Taliban, the GITMO FIVE, etc, etc, etc. were to Militarily conquer the Nation of Israel, would Russia then be in control of the Eastern Mediterranean Sea, including effective Naval and Air control of the Suez Canal? Russia would then have control of the most cost-effective of Saudi and Iranian Oil straight through to Crimea Ports to Russian oil pipelines running through Ukraine to Europe. The lack of Left Wing Media curiosity on this potential Russian power grab of a major portion of the World's Oil Market,...
  • Shale gas: 'The dotcom bubble of our times'

    08/04/2014 5:51:58 PM PDT · by Lorianne · 33 replies
    Telegraph (UK) ^ | 04 August 2014 | Tim Morgan
    On the one hand, many environmental and conservation groups are bitterly opposed to shale development. Ranged against them are those within and beyond the energy industry who believe that the exploitation of shale gas can prove not only vital but hugely positive for the British economy. Rather oddly, hardly anyone seems to have asked the one question which is surely fundamental: does shale development make economic sense? My conclusion is that it does not. That Britain needs new energy sources is surely beyond dispute. Between 2003 and 2013, domestic production of oil and gas slumped by 62pc and 65pc respectively,...
  • Average Price of Electricity Climbs to All-Time Record

    07/30/2014 8:04:11 AM PDT · by george76 · 23 replies
    CNSNews ^ | July 29, 2014 | Terence P. Jeffrey
    For the first time ever, the average price for a kilowatthour (KWH) of electricity in the United States has broken through the 14-cent mark, climbing to a record 14.3 cents in June. ... Back in June 1984, the seasonally adjusted price index for electricity was 103.9—less than half what it was in June 2014. Electricity prices have not always risen in the United States. The BLS has published an annual electricity price index dating back to 1913. It shows that from that year through 1947, the price of electricity in the United States generally trended down, with the index dropping...
  • The Religion of Climate Change/Global Warming

    08/01/2014 9:28:09 AM PDT · by OneVike · 6 replies
    The Relevant Christian Magazine ^ | 7/31/14 | Chuck Ness
    For those who do not understand the blind loyalty of people who follow Al Gore and his Global Warming crusade, you must understand that to them it is nothing short of a religious belief.That’s right; Global Warming is a religion whose god is Mother Earth. For Al Gore and other politicians, it’s just another means to control the masses, but the religious aspect of Global Warming is ultimately how they are able to convince so many people that it truly does exist and man is responsible for creating it.To really explain what it is I mean, I need to...
  • The Airport That Feeds the Oil Boom: The Fastest Growing Airports Are in North Dakota

    07/31/2014 7:18:29 AM PDT · by SeekAndFind · 3 replies
    Wall Street Journal ^ | 07/31/2014 | Scott McCartney
    A double-wide mobile-home trailer that used to serve as an elementary-school classroom is now the airport terminal. A conference room is the Hertz rental counter. And there is no baggage carousel, just a small counter where baggage workers pile luggage. Sloulin Field International Airport here wasn't built to be one of the fastest-growing airports in the world, but it is now. Traffic last year was 254% higher than just two years earlier. Airlines fly in with jets weighing twice as much as what the runway was built for. And when the parking lot is full, cars are left in ditches...
  • We Could Unlock More Than 267 Billion Barrels of Oil in America

    07/30/2014 6:51:03 PM PDT · by ckilmer · 36 replies
    fool.com ^ | July 30, 2014 | Tyler Crowe
    We Could Unlock More Than 267 Billion Barrels of Oil in America By Tyler Crowe | More Articles | Save For Later July 30, 2014 | Comments (0) Photo credit: WPX Energy If I had told you five or six years ago that America would be producing more oil than ever before and potentially becoming an exporter of crude within a decade, you probably would have had me institutionalized. Yet thanks to the advancements in drilling techniques, we have been able to access one of the most abundant resources we didn't think were possible: shale and tight oil. Today, oil...
  • Experts Estimate Isis Is Making Up To $3 Million A Day Selling Oil From Captured Fields

    07/30/2014 1:48:57 PM PDT · by lowbridge · 18 replies
    breitbart ^ | july 29, 2014 | frances martel
    The terrorist group Islamic State, formerly the Islamic State of Iraq and al-Sham (ISIS), could be making up to $3 million a day in illicit oil sales using captured oil fields in Iraq and Syria. Iraqi officials are warning that the jihadists are selling their own oil in ISIS-controlled areas and shipping it out to shady buyers in nearby countries. According to NBC, the Islamic State – which is attempting to transition from terrorist group to, precisely, a state – has begun to sell gas from oil fields and wells it has acquired at gas stations in Mosul, the second-largest city in...
  • Judge says US can't seize tanker full of Kurdish oil off Texas coast

    07/30/2014 8:17:26 AM PDT · by afraidfortherepublic · 28 replies
    Fox News ^ | 7-30-14
    A federal magistrate judge ruled Tuesday that U.S. Marshals will not be able to able to carry out her earlier order to seize a million barrels of Kurdish crude oil unless the tanker carrying the cargo comes closer to the Texas shore. The Wall Street Journal reported that federal magistrate judge Nancy Johnson said that the United Kalavrvta tanker was not within the boundaries of the state or the court's authority. She also said that the matter of who owned the oil should be decided in Iraq, not the United States. "Seems to me this is not a matter for...
  • BP and Shell: Are we on the cusp of the oil mega mergers?

    07/29/2014 3:01:04 PM PDT · by Lorianne · 3 replies
    Telegraph (UK) ^ | 26 July 2014 | Ben Marlow
    A slump in profits could reignite a flurry of deal-making and see a return to mergers of the big oil companies ___ Ten years ago, Lord Browne, the then chief executive of BP, flew to Williamsburg, Virginia, for a board meeting, where he planned to outline detailed proposals for a mega-merger with Royal Dutch Shell. The radical tie-up had been discussed in secret weeks earlier with Jeroen van Der Veer, his counterpart at Shell, during a stroll around Lake Como in Italy. With an estimated $9bn (Ł5.3bn) of synergies from the deal and Browne’s conviction that he had the backing...
  • Ouray County Adopts a Road Map for the 21st Century ( Colorado - RS 2477 )

    07/28/2014 10:54:48 AM PDT · by george76 · 19 replies
    The Watch ^ | 07/24/14 | Samantha Wright
    Despite an eleventh hour interjection from the U.S. Forest Service, the Ouray County Commissioners made history this week, unanimously voting to adopt a new county road map that brings it into the 21st century. The last time an official county road map was prepared in Ouray County was in 1961. Proposed revisions to this 1961 iteration of the map took place over the past five years, first through the work of the collaborative, multi-jurisdictional Public Access Group and later through two years of intensive work by Ouray County IT/GIS Manager Jeff Bockes, who integrated modern computerized mapping techniques (including GoogleEarth)...
  • Judge rules largely in favor of Utah on rural roads dispute ( RS 2477 )

    07/28/2014 11:12:06 AM PDT · by george76 · 16 replies
    The Salt Lake Tribune ^ | March 22, 2013 | Brooke Adams
    A federal judge handed a landmark victory to Kane County and the state of Utah on Wednesday in a years-long dispute with the federal government over whether some rural routes should remain in use as roads, or if they should be closed to the public. In two decisions, U.S. District Judge Clark Waddoups found he had jurisdiction to hear Kane County's claim, gave parameters for "reasonable" right-of-way widths on some routes and determined that 12 of 15 routes in dispute were roads and therefore accessible by the public. The distinction hinged on an 1866 law through which Congress sought to...
  • Faith and Free Market Expelled from Iraq’s Garden of Eden (global oil market risks destabilization)

    07/26/2014 4:16:54 PM PDT · by NYer · 7 replies
    Acton Institute ^ | July 25, 2014 | JACQUELINE DERKS
    As reported by the Wall Street Journal, Iraq’s largest oil refinery for domestic use has been overtaken by the Islamic State of Iraq and Syria (ISIS), the radical jihadi terrorist group aiming to establish an Islamic caliphate in these two nations. As Iraq’s most lucrative resource is now siphoned off by a radical organization, the global oil market risks destabilization while financially empowering ISIS. Economic stability facilitates greater religious freedom – establishing an ISIS controlled government as detrimental to Iraq’s advances toward a stable and secular democratic state. The Christian population has been a primary target of this fundamentalist movement,...